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Definition
The Irish Auditing and Accounting Supervisory Authority (IAASA) is an independent statutory body established in Ireland.
What is the Irish Auditing and Accounting Supervisory Authority?
Its primary responsibility is to oversee the regulation and supervision of the auditing and accounting profession in Ireland. It sets and enforces standards for audit quality, accounting, and corporate governance, ensuring compliance with relevant legislation, regulations, and professional standards.
IAASA registers auditors and audit firms in Ireland, ensuring that they meet the necessary qualifications, competency requirements, and ethical standards. It monitors the conduct and performance of auditors, conducts inspections and quality assurance reviews, and takes enforcement actions against non-compliant auditors when necessary.
IAASA reviews financial statements and annual reports of publicly traded companies, financial institutions, and other organisations to assess compliance with accounting standards, transparency requirements, and disclosure obligations. It monitors the quality of financial reporting and addresses issues of non-compliance through corrective actions and recommendations.
Furthermore, IAASA provides education, guidance, and resources to auditors, accounting professionals, companies, investors, and other stakeholders on auditing and accounting standards, regulatory requirements, and best practices. It promotes professional development and continuous improvement in the quality of financial reporting and auditing practices.
